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THE SENATE TWENTY-FOURTH LEGISLATURE, 2007 STATE OF HAWAII
S.B. NO. 1920 S.D. 2 H.D. 2
A BILL FOR AN ACT
RELATING TO TAXATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
PART I
SECTION 1. It is time for Hawaii to take full advantage of
its natural constituency with the countries of the Pacific rim
and the rising tide of global popular culture in all its forms
(including video games, animation, and indigenous films) to
leverage Hawaii's inherent strengths.
Digital entertainment, in the form of computer-animated
films and video games, not only dominates the entertainment
business today (e.g., top box office hits like Finding Nemo and
Happy Feet), but it is a globally-distributed economy.
Technology means that companies can grow where people want to
live, not where they have to work. Today's biggest hits come
from outside Hollywood--from Emeryville (Pixar), Australia and
New Zealand (Happy Feet and Lord of the Rings), and upstate New
York (Ice Age). The $25,000,000,000 video game industry is
based wherever the talent is; not where the historic
infrastructure is. In the competition for artistic talent,
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S.B. NO . s-D-2 H.D. 2
Hawaii offers the perfect place to raise a family and the
perfect lifestyle for the artists in the creative digital field.
The purpose of this part is to improve the organizational
framework and the substance of tax provisions concerning
performing arts, motion pictures, digital media, and film
production by, among other things:
(1) Recodifying various tax-related provisions pertaining
to performing arts, motion pictures, digital media,
and film under a new part;
(2) Establishing a performing arts investment tax credit
and a tax credit for performing arts research
activities; and
(3) Amending the motion picture, digital media, and film
production income tax credit to improve
accountability, transparency, and to preclude
taxpayers from claiming multiple credits for the same
costs.
SECTION 2. Chapter 235, Hawaii Revised Statutes, is
amended by adding a new part to be appropriately designated and
to read as follows:
"PART . MOTION PICTURE, DIGITAL MEDIA, AND FILM PRODUCTION
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Page 3 1920
H.D. 2
1235-A Performing arts royalties derived from patents,
copyrights, or trade secrets excluded from gross income. (a)
In addition to the exclusions in section 235-7, there shall be
excluded from gross income, adjusted gross income, and taxable
income, amounts received by an individual or a qualified
business as royalties and other income derived from any patents,
copyrights, and trade secrets:
(1) Owned by the individual or qualified business; and
(2) Developed and arising out of a qualified business.
(b) This exclusion shall extend to:
(1) The authors of performing arts products, or any parts
thereof, without regard to the application of the
work-for-hire doctrine under United States copyright
law;
(2) The authors of performing arts products, or any parts
thereof, under the work-for-hire doctrine under United
States copyright law; and
(3) The assignors, licensors, and licensees of any
copyright rights in performing arts products, or any
parts thereof.
(c) For the purposes of this section:
"Performing arts products" means:
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S.B. NO . s-D-2 H.D. 2
(1) Audio files, video files, audiovideo files, computer
animation, and other entertainment products perceived
by or through the operation of a computer; and
(2) Commercial television and film products for sale or
license, and reuse or residual fee payments from these
products.
"Qualified business" means a business engaged in producing
performing arts products that conducts more than fifty per cent
of its activities in qualified research.
"Qualified research" means:
(1) The same as in section 41(d) of the Internal Revenue
Code; and
(2) Performing arts products.
5235-B Performing arts investment tax credit. (a) There
shall be allowed to each taxpayer subject to the taxes imposed
by this chapter a performing arts investment tax credit that
shall be deductible from the taxpayer's net income tax
liability, if any, imposed by this chapter for the taxable year
in which the investment was made and the following four years;
provided the credit is properly claimed. The tax credit shall
be as follows:
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S.B. NO . s.D*2 H.D. 2
(1) In the year the investment was made, thirty-five per
cent ;
(2) In the first year following the year in which the
investment was made, twenty-five per cent;
(3) In the second year following the investment, twenty
per cent;
(4) In the third year following the investment, ten per
cent; and
(5) In the fourth year following the investment, ten per
cent,
of the investment made by the taxpayer in each qualified
business, up to a maximum allowed credit in the year the
investment was made, $700,000; in the first year following the
year in which the investment was made, $500,000; in the second
year following the year in which the investment was made,
$400,000; in the third year following the year in which the
investment was made, $200,000; and in the fourth year following
the year in which the investment was made, $200,000.
(b) The credit allowed under this section shall be claimed
against the net income tax liability for the taxable year. For
the purpose of this section, "net income tax liability" means
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S.B. NO . s.D.2 H.D. 2
net income tax liability reduced by all other credits allowed
under this chapter.
(c) If the tax credit under this section exceeds the
taxpayer's income tax liability for any of the five years that
the credit is taken, the excess of the tax credit over liability
may be used as a credit against the taxpayer's income tax
liability in subsequent years until exhausted. Every claim,
including amended claims, for a tax credit under this section
shall be filed on or before the end of the twelfth month
following the close of the taxable year for which the credit may
be claimed. Failure to comply with the foregoing provision
shall constitute a waiver of the right to claim the credit.
(d) If at the close of any taxable year in the five-year
period in subsection (a) :
(1) The business no longer qualifies as a qualified
business ;
(2) The business or an interest in the business has been
sold by the taxpayer investing in the qualified
business; or
(3) The taxpayer has withdrawn the taxpayer's investment
wholly or partially from the qualified business,
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S.B. NO . s-D.2 H.D. 2
the credit claimed under this section shall be recaptured. The
recapture shall be equal to one hundred per cent of the amount
of the total tax credit claimed under this section in the
preceding five years taxable years. The amount of the credit
recaptured shall apply only to the investment in the particular
qualified business that meets the requirements of paragraph (I),
(2), or (3). The recapture provisions of this subsection shall
not apply to a tax credit claimed for a qualified business that
does not fall within the provisions of paragraph (I), (2), or
(3). The amount of the recaptured tax credit determined under
this subsection shall be added to the taxpayer's tax liability
for the taxable year in which the recapture occurs under this
subsection.
(e) Every taxpayer, before April 1 of each year in which
an investment in a qualified business was made in the previous
taxable year, shall submit a written, certified statement to the
director of taxation identifying:
(1) Qualified investments, if any, expended in the
previous taxable year;
(2) The amount of tax credits claimed pursuant to this
section, if any, in the previous taxable year; and
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S.B. NO s-D-2 H.D. 2
(3) The number of total hires versus the number of local
hires by category (i.e., department) and by country.
The department of taxation shall use the information from the
statements submitted each year under this subsection to prepare
a report published by May 1 of each year presenting the
information received under this subsection. The information
shall be presented in the aggregate and shall be available to
the public.
(f) The department shall:
(1) Maintain records of the names and addresses of the
taxpayers claiming the credits under this section and
the total amount of the qualified investment costs
upon which the tax credit is based;
(2) Verify the nature and amount of the qualifying
investments;
(3) Total all qualifying and cumulative investments that
the department certifies; and
(4) Certify the amount of the tax credit for each taxable
year and the cumulative amount of the tax credit.
Upon each determination made under this subsection, the
department shall issue a certificate to the taxpayer verifying
the information submitted to the department, including
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S.B. NO s-D.2 . H.D. 2
qualifying investment amounts, the credit amount certified for
each taxable year, and the cumulative amount of the tax credit
during the credit period. The taxpayer shall file the
certificate with the taxpayer's tax return with the department.
The director of taxation may assess and collect a fee to
offset the costs of certifying tax credits claims under this
section. All fees collected under this section shall be
deposited into the tax administration special fund established
under section 235-20.5.
(g) As used in this section:
"Investment tax credit allocation ratio" means, with
respect to a taxpayer that has made an investment in a qualified
business, the ratio of:
(1) The amount of the credit under this section that is,
or is to be, received by or allocated to the taxpayer
over the life of the investment, as a result of the
investment; to
(2) The amount of the investment in the qualified
business.
"Qualified business" means a business engaged in producing
performing arts products, employing or owning capital or
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S.B. NO s-D.2 . H.D. 2
property, or maintaining an office, in this state; provided
that :
(1) More than fifty per cent of its total business
activities are qualified research; and provided
further that the business conducts more than seventy-
five per cent of its qualified research in this state;
or
(2) More than seventy-five per cent of its gross income is
derived from qualified research; and provided further
that this income is received from:
(A) Products sold from, manufactured in, or produced
in this state; or
(B) Services performed in this state.
"Qualified research" means the same as defined in section
235-A.
"Performing arts products" means the same as defined in
section 235-A.
(h) Common law principles, including the doctrine of
economic substance and business purpose, shall apply to any
investment. There exists a presumption that a transaction
satisfies the doctrine of economic substance and business
purpose to the extent that the special allocation of the
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S.B. NO. s.D.2 H.D. 2
performing arts tax credit has an investment tax credit ratio of
1.5 or less of credit for every dollar invested.
Transactions for which an investment tax credit allocation
ratio greater than 1.5 but not more than 2.0 of credit for every
dollar invested and claimed may be reviewed by the department
against applicable doctrines of economic substance and business
purpose.
Businesses claiming a tax credit for transactions with
investment tax credit allocation ratios greater than 2.0 of
credit for every dollar invested shall substantiate economic
merit and business purpose consistent with this section.
(i) Persons eligible for a tax credit under section 235-D
may claim a tax credit under this section but not under section
235-110.9. Persons not eligible for a tax credit under 235-D
shall not claim any tax credit under this section. Any person
that has:
(1) Claimed the tax credit under section 235-110.9; and
(2) Not exhausted the right to claim the tax credit for
the five-year period provided thereunder,
shall be eligible to continue to claim the tax credit, without
reduction or requalification, for the remainder of the five-year
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period pursuant to this section if the taxpayer qualifies for a
credit under section 235-D.
(j) This section shall not apply to taxable years
beginning after December 31, 2010.
L235-C Tax credit for performing arts research activities.
(a) Section 41 (with respect to the credit for increasing
research activities) and section 280C(c) (with respect to
certain expenses for which the credit for increasing research
activities are allowable) of the Internal Revenue Code shall be
operative for the purposes of this chapter as provided in this
section; except that references to the base amount shall not
apply and credit for all qualified research expenses may be
taken without regard to the amount of expenses for previous
years. If section 41 of the Internal Revenue Code is repealed
or terminated prior to January 1, 2011, its provisions shall
remain in effect for purposes of the income tax law of the State
as modified by this section, as provided for in subsection (j).
(b) All references to Internal Revenue Code sections
within sections 41 and 280C(c) of the Internal Revenue Code
shall be operative for the purposes of this section.
(c) There shall be allowed to each qualified business that
is subject to the tax imposed by this chapter, an income tax
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Page 13 1920 S.B. NO . s-D-2 H.D. 2
credit for qualified research activities equal to the credit for
research activities provided by section 41 of the Internal
Revenue Code and as modified by this section. The credit shall
be deductible from the taxpayer's net income tax liability, if
any, imposed by this chapter for the taxable year in which the
credit is properly claimed.
(d) Every qualified business, before April 1 of each year
in which qualified research and development activity was
conducted in the previous taxable year, shall submit a written,
certified statement to the director of taxation identifying:
(1) Qualified expenditures, if any, expended in the
previous taxable year; and
(2) The amount of tax credits claimed pursuant to this
section, if any, in the previous taxable year.
The department of taxation shall use the information from the
statements submitted each year under this subsection to prepare
a report published by May 1 of each year presenting the
information received under this subsection. The information
shall be presented in the aggregate and shall be available to
the public.
(e) The department shall:
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S.B. NO . s-Ds2 H.D. 2
(1) Maintain records of the names and addresses of the
taxpayers claiming the credits under this section and
the total amount of the qualified research and
development activity costs upon which the tax credit
is based;
( 2 ) Verify the nature and amount of the qualifying costs
or expenditures;
( 3 ) Total all qualifying and cumulative costs or
expenditures that the department certifies; and
(4) Certify the amount of the tax credit for each taxable
year and cumulative amount of the tax credit.
Upon each determination made under this subsection, the
department shall issue a certificate to the taxpayer verifying
information submitted to the department, including the
qualifying costs or expenditure amounts, the credit amount
certified for each taxable year, and the cumulative amount of
the tax credit during the credit period. The taxpayer shall
file the certificate with the taxpayer's tax return with the
department.
The director of taxation may assess and collect a fee to
offset the costs of certifying tax credit claims under this
section. All fees collected under this section shall be
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Page 15 1920 SmBm NO s.D-2 H.D. 2
deposited into the tax administration special fund established
under section 235-20.5.
(f) As used in this section:
"Basic research" under section 41(e) of the Internal
Revenue Code shall not include research conducted outside of the
state.
"Qualified business" means the same as in section 235-B.
"Qualified research" under section 41(d)(l) of the Internal
Revenue Code shall not include research conducted outside of the
state.
(g) If the tax credit for qualified performing arts
research activities claimed by a taxpayer exceeds the amount of
income tax payment due from the taxpayer, the excess of the tax
credit over payments due shall be refunded to the taxpayer;
provided that no refund on account of the tax credit allowed by
this section shall be made for amounts less than $1.
(h) All claims for a tax credit under this section shall
be filed on or before the end of the twelfth month following the
close of the taxable year for which the credit may be claimed.
Failure to properly claim the credit shall constitute a waiver
of the right to claim the credit.
Page 16 1920 S.B. NO ' s-D.2 H.D. 2
(i) The director of taxation may adopt any rules under
chapter 91 and forms necessary to carry out this section.
(j) Persons eligible to claim a tax credit under section
235-D may claim a tax credit under this section but not under
section 235-110.91. Persons not eligible for a tax credit under
section 235-D shall not claim a tax credit under this section.
Any person that has:
(1) Claimed the tax credit under section 235-110.91; and
(2) Not exhausted the right to claim the tax credit
provided thereunder,
shall be eligible to continue to claim the tax credit, without
reduction or requalification, pursuant to this section, if the
taxpayer is eligible to claim a credit under section 235-D.
(k) This section shall not apply to taxable years
beginning after December 31, 2010."
SECTION 3. Section 235-7.3, Hawaii Revised Statutes, is
amended to read as follows:
"1235-7.3 Royalties derived from patents, copyrights, or
trade secrets excluded from gross income. (a) In addition to
the exclusions in section 235-7, there shall be excluded from
gross income, adjusted gross income, and taxable income, amounts
received by an individual or a qualified high technology
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Page 17 1920
S.B. NO s.D.2 ' H.D. 2
business as royalties and other income derived from any patents,
copyrights, and trade secrets:
(1) Owned by the individual or qualified high technology
business; and
( 2 ) Developed and arising out of a qualified high
technology business.
[ ~ i t h rcspCct to pcrformir,g 2rts prdxcts, this
o:cluslor, skzll extend to:
/I \
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wr!= f ~ r 51rc dcctrlr,e ur,c?er Uzltec? Stztes eo=,clght - / ? \
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~tztcs eo~~-right Izw; 2nd
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- 0 -1 - (b) For the purposes of this section:
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Page 18 1920 S.B. NO . s-D.2 H.D. 2
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eI~ sr thrszgh the spcrzticn sf 2 ccmtputzr; 2nd
. . v r . 7 7 1 tnln-r-, m , nn ?n - 4 - P 4 = n v m-l h - LL-IUI L b I b V I U I V I I UII UbLu L u ~ U U I ~ sL
"Qualified high technology business" means a business that
conducts more than fifty per cent of its activities in qualified
research.
"Qualified research" means:
(1) The same as in section 41(d) of the Internal Revenue
Code ;
(2) The development and design of computer software for
ultimate commercial sale, lease, license or to be
otherwise marketed, for economic consideration. With
respect to the software's development and design, the
business shall have substantial control and retain
substantial rights to the resulting intellectual
property;
(3 ) Biotechnology;
- 0 - 1 - (4) Sensor and optic technologies;
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H.D. 2
[++I - (5) Ocean sciences;
[+I-)-] - (6) Astronomy; or
[++)-I (7) Nonfossil fuel energy-related technology."
SECTION 4. Section 235-17, Hawaii Revised Statutes, is
amended as follows:
1. By renumbering the section, inserting it into the new
part of chapter 235, Hawaii Revised Statutes, established under
section 2 of this Act, and amending subsection (a) to read:
" [ ~ 3 § - # - 1 5235-D Motion picture, digital media, and film
production income tax credit. (a) Any law to the contrary
notwithstanding, there shall be allowed to each taxpayer subject
to the taxes imposed by this chapter, an income tax credit which
shall be deductible from the taxpayer's net income tax
liability, if any, imposed by this chapter for the taxable year
in which the credit is properly claimed. The amount of the
credit shall be:
(1) Fifteen per cent of the qualified production costs
incurred by a qualified production in any county of
the State with a population of over seven hundred
thousand; or
(2) Twenty per cent of the qualified production costs
incurred by a qualified production in any county of
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the State with a population of seven hundred thousand
or less.
A qualified production occurring in more than one county may
prorate its expenditures based upon the amounts spent in each
county, if the population bases differ enough to change the
percentage of tax credit.
In the case of a partnership, S corporation, estate, or
trust, the tax credit allowable is for qualified production
costs incurred by the entity for the taxable year. The cost
upon which the tax credit is computed shall be determined at the
entity level. Distribution and share of credit shall be
determined by rule.
If a deduction is taken under section 179 (with respect to
election to expense depreciable business assets) of the Internal
Revenue Code of 1986, as amended, no tax credit shall be allowed
for those costs for which the deduction is taken.
The basis for eligible property for depreciation of
accelerated cost recovery system purposes for state income taxes
shall be reduced by the amount of credit allowable and claimed."
2. By amending subsection (e) to read:
"(e) On or after July 1, 2006, no qualified production
cost that has been financed by investments for which a credit
Page 21 1920 S.B. NO. s.D.2 H.D. 2
was claimed by any taxpayer pursuant to section 235-110.9 is
eligible for credits under this section. A taxpayer that claims
a credit under section 235-110.9 or 235-B shall not be eligible
to claim a credit under this section. Qualified production
costs that are financed by public funds from the State shall not
be eliaible for credits under this section."
3. By amending subsection (h) to read:
"(h) Every taxpayer claiming a tax credit under this
section for a qualified production shall, no later than ninety
days following the end of each taxable year in which qualified
production costs were expended, submit a written, sworn
statement to the department of business, economic development,
and tourism, identifying:
(1) All qualified production costs as provided by
subsection (a), if any, incurred in the previous
taxable year;
(2) The amount of tax credits claimed pursuant to this
section, if any, in the previous taxable year; [&I
(3) The number of total hires versus the number of
qualified local hires by category (i.e., department)
and by county [,I ; and
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S.B. NO s-D.2 . H.D. 2
(4) Evidence of educational or workforce development -
efforts, including but not limited to:
(A) Teacher training, mentorship, and internship
opportunities by industry professionals and
Hawaii-based productions for "below-the-line"
local technical crews; and
(B) participation in a statewide advisory council to -
develop training, mentorship, and internship
opportunity programs to produce qualified workers
entering film and television production and
creative media industries.
The department of business, economic development, and tourism
shall use the information from the statements submitted under
this section to prepare a report, published biannually, no later
than June 30 and December 31, presenting information identifying
tax credit recipients and the aggregate total value of the
credits received under this subsection. The information shall
be available to the public in both print and electronic form."
4. By amending subsection (j) to read:
" ( j ) Total tax credits claimed per qualified production
shall not exceed [$8,000,002.] $ It
PART I1
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Page 23 1920 S.B. NO. s.D-2 H.D. 2
SECTION 5. The purpose of this part is to streamline the
administration of the Hawaii television and film development
special fund.
SECTION 6. Section 201-111, Hawaii Revised Statutes, is
amended to read as follows:
1. By adding a new definition to be appropriately inserted
and to read:
""Department" means the department of business, economic
development, and tourism."
2. By deleting the definition of "board".
r-2~2 the: I-I=:: t c leT~:s lsz 2 ~ 2 fi:iLL =?cvelcm=+ . . , .
bozrd. " I
SECTION 7. Section 201-113, Hawaii Revised Statutes, is
amended by amending subsection (b) to read as follows:
"(b) The fund shall be used by the +ha#i] department to
assist in, and provide incentives for, the production of
eligible Hawaii projects that are in compliance with criteria
and standards established [k-1 in accordance with
rules adopted [b-1 pursuant to chapter 91. [&I
~ r t ; e u l 2 r , t h c board] The department shall adopt rules to
provide for the implementation of the following programs:
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S.B. NO. s.Da2 H.D. 2
(1) A grant program. [Thc bczrz sh22.1 zdspt rzlcs] Rules
adopted pursuant to chapter 91 [&el shall provide
conditions and qualifications for grants.
Applications for grants shall [ s c ts thc bczrd
a&i-&&&] contain such information as [-
rL-l1 -cqdlrcl required by rules adopted pursuant to
chapter 91. At a minimum, the applicant shall agree
to the following conditions:
(A) The grant shall be used exclusively for eligible
Hawaii projects;
(B) The applicant shall have applied for or received
all applicable licenses and permits;
(C) The applicant shall comply with applicable
federal and state laws prohibiting discrimination
against any person on the basis of race, color,
national origin, religion, creed, sex, age, or
physical handicap;
(D) The applicant shall comply with other
requirements as the [ M I department may
prescribe;
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S.B. NO. H.D. 2
(E) All activities undertaken with funds received
shall comply with all applicable federal, state,
and county statutes and ordinances;
(F) The applicant shall indemnify and save harmless
the State of Hawaii and its officers, agents, and
employees from and against any and all claims
arising out of or resulting from activities
carried out or projects undertaken with funds
provided hereunder, and procure sufficient
insurance to provide this indemnification if
requested to do so by the department;
(G) The applicant shall make available [-I
all records the applicant may have relating to
the project, to allow the [W] department to
monitor the applicant's compliance with the
purpose of this chapter; and
(H) The applicant[, tc tLn sztisfxtis~ cf tkc
bc2rd,] shall establish that sufficient funds are
available for the completion of the project for
20 the purpose for which the grant is awarded; and
21 (2) A venture capital program. [-&p%
22 -1 Rules adopted pursuant to chapter 91 [Gel shall
SB1920 HD2 HMS 2007-3703 25
Page 26 1920
S.B. NO s.D.2 H.D. 2
provide conditions and qualifications for venture
capital investments in eligible Hawaii projects. The
program may include a written agreement between the
borrower and the [%r6,] department, as the
representative of the State, that as consideration for
the venture capital investment made under this part,
the borrower shall share any royalties, licenses,
titles, rights, or any other monetary benefits that
may accrue to the borrower pursuant to terms and
conditions established [kY-1 by rule pursuant
to chapter 91. Venture capital investments may be
made on such terms and conditions as the [ W ]
department shall determine to be reasonable,
appropriate, and consistent with the purposes and
objectives of this part."
SECTION 8. Section 201-114, Hawaii Revised Statutes, is
amended to read as follows:
" [fl§201-114[+1 Inspection of premises and records. The
[-I department shall have the right to inspect, at
reasonable hours, the plant, physical facilities, equipment,
premises, books, and records of any applicant in connection with
the processing of a grant to the applicant."
SB1920 HD2 HMS 2007-3703
Page 27 1920 S.B. NO. s.Ds2 H.D. 2
SECTION 9 . Section 201-112, Hawaii Revised Sta tu tes , is
repealed.
[ 't=$ - . . . . . .
t n l nr r - - 7 nn 7n 1 Ht L I L V I U I V I L UIlU L I I
d c z e l o ~ n t bczrd. The bosrd sh211 be zttzehed to thc
dcpzr tmnt of b ~ s l n c s s , ee-ie dcTzelopxr,t , zr,d to.;risLLL f o r
.n, #-.tnv 4-71- , , ~ - t v ? t q T Y ~ nl---npn#-. n n l - 7 U L L U L I V L p U L p V U L U V I I I Y . A L L A U L L A C - A L L
t c lcv ls lcn 2nd f dcvclopcnt spcczzl f l ~ n d cstzbllshcd ti-Aee s ,
t h i s pz r t . The bczrd s h z l l z l s c zsscss zzd ccnszdcr the ovLr;l l
, * . . v l z b l l l t y zEd dcvckpmcnt of the tclcvlslon 222 fz lx zndustr:cs
vC- 7 - n L Y , L V U L V L
nv n l , v n r , 7 n t t n c v n n t , ~n r ) C VL p U A Y U U I l L LV U L b L I V I I Y V
#-.nvTTn F ~ ~ . - ,ln-,v C-t7 nne U L L V L L V U L Y L U L U L U U C - L L I I I U . V A l
c f the soT-or's zppoxntm=ts shz l l be FREF~C f rm z l ls t of
t + n A h.7 thn - v n # - . ~ A n n t -F thn #-.nn-tn 7 n A -nnt
t he spczker cf the kousc of rcpreser,tztlvcs. The four zppcintd
nn nv n n t n v t - , ~ V A L , VL L L l L L A L U I
SB1920 HD2 HMS 2007-3703
Page 28 1920
S.B. NO s.D.2 H.D. 2
the feur eGuzty fIl-issi=s cr Its cquivzlcnt, s h z l l scrT+e
mhn L n 7 - A - - i l l -Ann+ Yl - ln- -llY-177nt th nh7ntnY 0 1 t3 u p u L u u u r L L L" brrupLLL .,I L
cf f cctzztc tkc pzrpescc ~f thls pzrt . " ]
PART I11
SECTION 10. In codifying the new sections added by
sections 2 and 4 of this Act, the revisor of statutes shall
substitute appropriate section numbers for the letters used in
designating the new sections in this Act.
SECTION 11. Statutory material to be repealed is bracketed
and stricken. New statutory material is underscored.
SECTION 12. This Act shall take effect on July 1, 2020.
SB1920 HD2 HMS 2007-3703 20
S.B. NO. 1920 S.D. 2 H.D. 2
Report Title : Film, Motion Pictures, and Digital Media
Description: Recodifies provisions pertaining to certain performing-arts related tax credits and exclusions. Improves the administration and transparency of the Motion Picture, Digital Media, and Film Production Tax Credit. Repeals the Hawaii Television and Film Development Board. (SB1920 HD2)
SB1920 HD2 HMS 2007-3703
